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Author Topic: Bring down the wall  (Read 3380 times)
wobber
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December 03, 2011, 02:29:44 PM
 #1

Let's show to this Manipulator who's in charge. Go get him speculators!

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ArsenShnurkov
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December 03, 2011, 03:11:43 PM
 #2

This wall is too huge, it's unbreakable
worldinacoin
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December 03, 2011, 03:14:11 PM
 #3

Why should we bother, let them speculate all they want.
pent
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December 03, 2011, 03:25:53 PM
 #4

If this bitcoinica customer will remove his 38k bidwall, bitcoin will fall again
netrin
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December 03, 2011, 03:44:24 PM
 #5

Bitcoinica site is down. I wonder if it is executing orders... could get very expensive

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December 03, 2011, 03:47:58 PM
 #6

Bitcoinica working just fine for me

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December 03, 2011, 04:01:41 PM
 #7

Seriously? Maybe it's insolvent and Zhou is locking out his most profitable customers. Smiley ... Huh ...  Undecided ... Sad

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worldinacoin
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December 03, 2011, 04:13:19 PM
 #8

Seriously? Maybe it's insolvent and Zhou is locking out his most profitable customers. Smiley ... Huh ...  Undecided ... Sad

Any evidence or proof?  Alleging that a company is insolvent etc on a public forum isn't too proper right?
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December 03, 2011, 04:16:11 PM
 #9

Come on! If the jest was not blatantly obvious I'd reneg. I'm sure Zhou is making enormous amounts of money, like 10% on every damn trade.

The wall is not moving (in price) but it is getting eaten slowly. I damn need to get into Bitcoinica to celebrate the short party!

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December 03, 2011, 04:25:09 PM
 #10

Seriously? Maybe it's insolvent and Zhou is locking out his most profitable customers. Smiley ... Huh ...  Undecided ... Sad

Any evidence or proof?  Alleging that a company is insolvent etc on a public forum isn't too proper right?

Questioning the solvency of a highly risky operation, in which many people are invested, isn't too proper? Are you actually serious? Screw your orthodoxy, we should be asking more questions - not less. And since Bitcoinica does not publish it's numbers, how could there be any evidence or proof anyway? It is exactly this type of attitude that has poisoned our existing financial institutions.

We need to be constantly on top of zhou to ensure that his books are in order, because I would imagine that there is a considerable amount of money at risk. As it stands now, nobody has any idea of the financial health of bitcoinica. Frankly, I'm amazed that he is not coming under more pressure than he is.

Anyway, it was clear that netrin was being facetious.

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December 03, 2011, 04:37:25 PM
 #11

Oh, if I had a bitcoin for every time someone gazed upon a bid 'wall' and either took solace from its alleged support, or the sheer size of it when contemplating how difficult it would be to 'knock down'.  The 'walls' can appear and disappear at the whims of a bot, or at least the single keystroke of a keyboard.  Whoever is controlling them isn't stupid enough to let the bids remain if he or she sees the market heading the wrong way.

The price has softened slightly to $2.90.  I wouldn't be surprised if the 'wall' disappears within the next few hours and magically reappears at $2.70.  If that gives comfort to people going long that the price has real support, then more power to them.

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worldinacoin
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December 03, 2011, 04:39:00 PM
 #12

Seriously? Maybe it's insolvent and Zhou is locking out his most profitable customers. Smiley ... Huh ...  Undecided ... Sad

Any evidence or proof?  Alleging that a company is insolvent etc on a public forum isn't too proper right?

Questioning the solvency of a highly risky operation, in which many people are invested, isn't too proper? Are you actually serious? Screw your orthodoxy, we should be asking more questions - not less. And since Bitcoinica does not publish it's numbers, how could there be any evidence or proof anyway? It is exactly this type of attitude that has poisoned our existing financial institutions.

We need to be constantly on top of zhou to ensure that his books are in order, because I would imagine that there is a considerable amount of money at risk. As it stands now, nobody has any idea of the financial health of bitcoinica. Frankly, I'm amazed that he is not coming under more pressure than he is.

Anyway, it was clear that netrin was being facetious.

Definitely there should be questions and more questions, but alleging that the company is insolvent isn't part of questioning.
BadBear
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December 03, 2011, 04:39:53 PM
 #13

Yeah if that wall were mine I would definitely bring it down and put it up lower, thats the only thing holding the price up right now.  After going short on bitcoinica that is.    

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netrin
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December 03, 2011, 04:45:41 PM
 #14

Seriously? Maybe it's insolvent and Zhou is locking out his most profitable customers. Smiley ... Huh ...  Undecided ... Sad

Any evidence or proof?  Alleging that a company is insolvent etc on a public forum isn't too proper right?

Questioning the solvency of a highly risky operation, in which many people are invested, isn't too proper? Are you actually serious? Screw your orthodoxy, we should be asking more questions - not less. And since Bitcoinica does not publish it's numbers, how could there be any evidence or proof anyway? It is exactly this type of attitude that has poisoned our existing financial institutions.

We need to be constantly on top of zhou to ensure that his books are in order, because I would imagine that there is a considerable amount of money at risk. As it stands now, nobody has any idea of the financial health of bitcoinica. Frankly, I'm amazed that he is not coming under more pressure than he is.

Anyway, it was clear that netrin was being facetious.

Definitely there should be questions and more questions, but alleging that the company is insolvent isn't part of questioning.

Wait. I said maybe. While I was joking, now I am not. MAYBE Bitcoinica IS insolvent. Maybe my mom is... maybe.

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mjcmurfy
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December 03, 2011, 04:57:41 PM
 #15

Definitely there should be questions and more questions, but alleging that the company is insolvent isn't part of questioning.

Wait. I said maybe. While I was joking, now I am not. MAYBE Bitcoinica IS insolvent. Maybe my mom is... maybe.

 Grin

Oh, if I had a bitcoin for every time someone gazed upon a bid 'wall' and either took solace from its alleged support, or the sheer size of it when contemplating how difficult it would be to 'knock down'.  The 'walls' can appear and disappear at the whims of a bot, or at least the single keystroke of a keyboard.  Whoever is controlling them isn't stupid enough to let the bids remain if he or she sees the market heading the wrong way.

The price has softened slightly to $2.90.  I wouldn't be surprised if the 'wall' disappears within the next few hours and magically reappears at $2.70.  If that gives comfort to people going long that the price has real support, then more power to them.

I posted this in another thread, but thought it might be more appropriate here.

There was $144,500 worth of selling in the past 24 hours (48,000 btc). The $2.90 range is certainly being tested. The $2.90 bidwall has shrunk about 15% to 35,000 btc, and a 10,000 btc askwall has emerged up at about $2.92. The price is going to stick between $2.90 and $2.92 for a while now, and the $2.90 wall will slowly be eroded (if it's real) or completely pop once a significant chunk of it is eaten away, and will probably be replaced somewhere in the mid $2.xx. Once that happens we will likely be sliding back to about $2.60. I am going on $2.60 level based on the fact it was a highly active trading point based on the 60 day heatmap I posted a few days ago.

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netrin
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December 03, 2011, 05:02:17 PM
 #16

If the wall represents one major player, is there a rational and greedy strategy for holding that price? Does it build up seller sentiment and make a crash greater? Or is he asleep?

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mjcmurfy
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December 03, 2011, 05:07:37 PM
 #17

Or is he asleep?

This is what I was thinking.

There is a rational reason for wanting to hold the $2.90 range strongly; to keep the price afloat to offload coins that were purchased lower. It is a risky play though, and I can't imagine that it would hold all the way down. Any rational actor would pull out once 50% of it is gone (probably sooner), and try again from a lower range. Whoever is doing this has bought in at < $2.50, so can afford a bit more slippage and still be in profit. Of course, they may hold out to the end to give the market confidence. This would be simply reinvesting profit to ensure future returns. It's difficult to know the exact strategy and who is winning or losing.

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piramida
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December 03, 2011, 05:08:15 PM
 #18

maybe he can't be bothered to watch over this tiny bid of 100k and just knows that all the sheep will bring him their bitcoins anyway Smiley as for several cents lower - it's a minor thing if you are investing for long term, not for a day.

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proudhon
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December 03, 2011, 05:14:17 PM
 #19

Wow, even I'm impressed right now at how weak hands just got played big time.  That was ~10,000BTC in a single buy.
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December 03, 2011, 05:16:18 PM
 #20

I don't understand people who set Ask orders right near the huge Bid wall. You can sell into the wall if you want, but setting Ask walls to win a couple of cents? In case the wall falls, your ask does not play, if it does not, you see the price slash through your orders and the bid wall moved higher... Pretty stupid trading here, one of the "buy high sell low" variety..

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